Half of people unprepared for retirement

Brits are woefully unprepared for retirement, with half not feeling confident they will be able to have financial freedom when they stop work. Younger and middle-aged Brits are especially fearful about their finances in comparison to those over the age of 55. The results have been published in a survey from You Gov and national adviser firm Continuum. The age group with the most concerns were those between 45 and 54, with just three out of 10 (29%) saying they were confident they would have financial freedom in retirement. That compared to a third (32%) of 35-44 year-olds. In comparison older Britons were much more confident, with more than half (53%) of those over the age of 55 confident that they would have financial freedom. Men were also more confident than women with 46% saying they thought they would have financial freedom in retirement compared to only 40% of women. Marital status also had a considerable impact on who how confident Brits were feeling about the state of their future finances. Of those who were married or in a civil partnership, 53% were confident they would have financial freedom in retirement in comparison to 28% of single people and 31% of cohabiting Brits. Martin Brown, managing partner at Continuum, said: “As the government and pensions regulators announce their latest changes to workplace pensions our survey shows that there is a lot of work to be done if Britons are to feel confident about their financial freedom in retirement.” He said that under-saving for retirement remains one of the UK’s biggest challenges. “There is still a lot of work that needs to be done if the majority of workers are to feel prepared for when they leave the workforce.” There was comparatively little disparity between the regions. However, those living in London were the most likely to be feeling confident they would have financial freedom (47%) with those in the North, East and Northern Ireland feeling least confident (42%). How

Half of people unprepared for retirement

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